Equinix has formed a US$525m (€471m) joint venture with GIC to develop and operate two xScale data centres in Seoul, Korea.
Under the terms of the joint venture agreement, Singapore’s GIC will own an 80% equity interest and US firm Equinix the remaining 20%.
Charles Meyers, president and CEO of Equinix, said organisations were increasingly embracing a digital-first strategy to scale their operations, enhance the experiences of their customers, and unlock the value of technologies like 5G, IoT, artificial intelligence and machine learning.
“Korea and the broader Asia-Pacific market are both enablers and beneficiaries as organisations prioritise digital transformation,” Meyers said.
Equinix entered the Korean market in 2019. GIC has a long history of investing in South Korea.
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